Time for Turkey? The Holidays are almost here, but no, I'm not writing about your upcoming Thanksgiving dinner. I'm writing about a Turkey with Lira that's down 90% against USD and an equity market that's down 70% from its highs. TUR data by YCharts When others are fearful Emerging market equities have sold off broadly year-to-date. … Continue reading Time for Turkey?
Emerging markets are down close to 7% YTD as of the end of July. The reasons are various -- rising interest rates, softening economic data, and US tariffs to boot. Unrecognized headliner China is on the front page because of the trade war and its equity market was down over 20% from its YTD highs. … Continue reading Keeping it Real
I've written the past couple of years that the energy sector is ripe with opportunity. Simply put, we burn more energy than we have fossil fuel and that creates an obvious need for change. I've stated my case for alternatives like nuclear and solar. The long-term outlook for both are still positive, but we've already … Continue reading Only Natural
Cradle of civilization Egypt has been called the "cradle of civilization." Egyptians are tied to some of the earliest forms of language, agriculture, and technology that's known to man. While the country has experienced its share of modern social and political issues, Egypt today is ripe with potential. Consider the following characteristics. The most populated … Continue reading Egypt Waits for Spring
Both the ACWI and the S&P 500 gained more than 20% in 2017. US stocks continue to look expensive. Of course, that doesn't mean they can't continue to climb -- they've looked expensive for several years. But 2018 may be the year to be more selective. The table below shows the trailing P/E ratios for … Continue reading Digging Deeper for Energy
In April I wrote about the Nigerian stock market. Since May the Nigerian market is up 30%. Over the same period, the global stock market has basically been flat (shown below). Nigerian Stock Market and Global Stock Market represented by NGE and VT, respectively Timing-wise this was lucky-- I didn't predict a two-week turnaround. … Continue reading From Nigeria with Love
Back in September, I wrote about the Greek stock market. I pointed out that widespread pessimism, low expectations, and attractive valuation created an easy hurdle for an upside surprise. Since then Greece has been on fire, up over 35%! But despite an increase in price, the Greek market P/E has actually fallen from 4.7x down … Continue reading Greece on Fire
Judging by the news coming out of West Africa, one might think the region has nothing but pirates and warlords. But a closer look reveals a diamond in the rough, you may know as Nigeria. Maybe you cringe at the thought of investing there, but that's more reason to consider it. Here are some noteworthy … Continue reading Diamond in the Rough
Back in October of last year I wrote nuclear power was a promising source of alternative energy. I also promised to write more on the topic. Last month I shared my thoughts in BCM's latest Investor Letter (A Bright Future), I'll reiterate my thoughts here. The simple fact is we need more energy than we have … Continue reading Going Nuclear
There are few sectors that are in absolute need of progress. For example, if the tech sector were to never again experience a great leap forward, we'd all be fine. And if healthcare were unable to extend average longevity beyond 70 years, we'd all be okay (except for the 70+ maybe). But it just isn't … Continue reading Powering the Future
